The Ghana Gold Board (GoldBod) has joined key government institutions and the Ghana Chamber of Mines to secure 30 percent of the country’s large-scale gold production for Ghana’s strategic reserves.
The agreement was reached through a Memorandum of Understanding (MoU) under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
The MoU was signed by GoldBod, the Ministry of Finance, the Ministry of Lands and Natural Resources, the Bank of Ghana and the Ghana Chamber of Mines, with participating mining companies also involved in the initiative.
Under the arrangement, GoldBod will serve as one of the main implementing institutions of GANRAP.
It will purchase and aggregate the gold and channel it into local refining and the accumulation of Ghana’s strategic reserves.
GoldBod, led by its Chief Executive Officer, Sammy Gyamfi, described the agreement as an important step towards strengthening the country’s economic resilience.
The initiative is expected to help Ghana build stronger foreign exchange reserves, support the stability of the cedi and reduce the country’s vulnerability to external economic shocks.
Under GANRAP, Ghana is targeting 15 months of import cover by 2028. This is significantly above the internationally accepted benchmark for adequate reserves.
The policy is also expected to reduce the country’s dependence on costly external borrowing by using Ghana’s gold resources to build its reserves.
GoldBod expressed appreciation to the Ministry of Finance, Ministry of Lands and Natural Resources, Bank of Ghana, Ghana Chamber of Mines and the participating mining companies for supporting the initiative.
The Board described the agreement as an important national undertaking aimed at using Ghana’s gold resources to strengthen the country’s economy and protect the value of the cedi.
By: Jacob Aggrey
